77-2399. Governmental unit; deposits in excess of insured amount; rights.

Each governmental unit depositing public money or public funds in a bank, capital stock financial institution, or qualifying mutual financial institution shall have an undivided beneficial interest under the deposit guaranty bond provided or an undivided security interest in the pool of securities deposited, pledged, or in which a security interest is granted by a bank, capital stock financial institution, or qualifying mutual financial institution pursuant to subsection (1) of section 77-2398 in the proportion that the total amount of the governmental unit's public money or public funds secured by the deposit guaranty bond or by the pool of securities bears to the total amount of public money or public funds so secured. Articles 8 and 9, Uniform Commercial Code, shall not apply to any security interest arising under this section.

Source:Laws 2000, LB 932, § 44; Laws 2001, LB 362, § 93.